The German Africa Business Forum (GABF), whose goal is to strengthen investment ties between Germany and Africa, has announced a multi-million euro funding commitment to invest in German energy start-ups focusing on Africa in collaboration with private energy partners
The funding commitment, which pledges funds to German start-ups with exposure to African energy projects, will be the first such intra-regional initiative.
Sebastian Wagner, the co-founder of the GABF, said, “Our initial goal is to support the investment in German companies and to start with funding allocations by the end of this year.”
“Through our partners, we will immediately get involved in investing in solutions-driven German startups with pragmatic business models to solve Africa’s energy challenges through the provision of German technology and innovation,” he added.
NJ Ayuk, CEO of Centurion Law Group and executive chairman of the African Energy Chamber, commented, “The future of Africa’s energy industry will depend on technology and innovation.”
“When German start-ups and Africans work together, we can build something unique for both our peoples. I applaud the GABF for this well-thought-out initiative. I believe it is in line with the goals of the G20 Compact with Africa, driven by Germany,” he stated.
Founded in 2017 as a ‘private for privates’, the GABF encourages German investors to consider the African continent as a profitable and important investment destination. Through a series of initiatives, the GABF draws together African business and political leaders with Germany’s innovators to develop fresh investment concepts that shape German and African business ties as well as economic thinking.
